The trend was UP the entire day until 7am EST. From 3am – 7am EST a new trend change candle formed and changed the trend from up to DOWN. After 7am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 7am EST. After 7am EST I only looked for short trades.
News events to watch for today :
10:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.
The entry was at the close of the candle at 1.6370 with a stop at the most recent swing high at 1.6407. Since I was 20 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6350.
Entry: Short at 1.6370 Stop: 1.6407 Target: 1.6350
10:15am EST – My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6352. (+18 pips)
Trade Result: +18 pips R-Multiple: 0.48